Thinking about leaving your job for a different opportunity? Executive compensation can be complicated, making evaluating opportunities tricky. Whether you’re seeking more responsibility, a better work/life balance, additional compensation, or the potential to retire, you want to make the most of your next move. Here are five steps to guide you.
Step 1: Build an advisory team
There’s a lot at stake when you leave an executive position. You may have a contract with a non-compete or other provisions as well as a sizable, compensation package that includes stock options and other perks. An advisory team can help you sort through the details and quantify your options.
Step 2: Think about what you’ll be giving up
When you leave an established position, you’re potentially forfeiting longevity benefits and equity incentive compensation grants as well as giving up the reputation and security you’ve built. You want to feel confident you’ll be getting more in return.
Step 3: Review the whole package
In addition to salary and bonus you need to consider non-monetary job features, which can have a surprisingly significant impact. Will you be giving up a short commute for a longer one? Getting better health benefits or perks such as a club membership in the new position?
Step 4: Negotiate a strong offer
If you feel dissatisfied with the offer on the table, negotiate a better deal. Many women are uncomfortable negotiating and don’t want to appear ungrateful, but you don’t want to leave money on the table. There are a variety of negotiation and delay tactics you may be comfortable using – including saying you’d first like to consult with your advisor!
Step 5: Turn to Luma Wealth for help
Luma Wealth’s advisors have experience helping senior executives evaluate career opportunities and negotiate a strong offer. Get some of these tips in our popular “Pay, Perks and Parachutes” seminar packed with valuable information to help you get the most out of your next career move.